A New Deal Fights the Depression by Gabriel Barros Leite da Costa Neves https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk en-us 2023-10-19 22:03:09 UTC 2023-10-19 22:34:53 UTC hello@padlet.com gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755247609 2023-10-19 22:03:56 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755247609 gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755248640 2023-10-19 22:05:48 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755248640 gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755249607 2023-10-19 22:07:39 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755249607 An Important Fireside Chat gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755249830 On March 12, the day before the first banks were to reopen, President Roosevelt gave the first of his many fireside chats—radio talks about issues of public concern, explaining in clear, simple language his New Deal measures. These informal talks made Americans feel as if the president were talking directly to them. In his first chat, Roosevelt took time to calm Americans’ fears about the bank crisis. He acknowledged that closing the banks had caused stress and hardship. But he reassured his listeners that the banks would reopen and the American financial system would return as strong as ever.

As Roosevelt explained, the banking crisis was caused in large part by panic. When too many people demanded their savings in cash, banks would fail. This was not because banks were weak but because even strong banks could not meet such heavy demands. Over the next few weeks, many Americans returned their savings to banks.



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Congress took another step to reorganize the banking system by passing the Glass-Steagall Act of 1933. This act established the Federal Deposit Insurance Corporation (FDIC). The FDIC provided federal insurance for individual bank accounts of up to $5,000, reassuring millions of bank customers that their money was safe. It also required banks to act cautiously with their customers’ money.

Congress and the president also worked to regulate the stock market, in which people had lost faith because of the crash of 1929. The Federal Securities Act, passed in May 1933, required corporations to provide complete information on all stock offerings and made them liable for any misrepresentations. In June 1934 Congress created the Securities and Exchange Commission (SEC) to regulate the stock market. One goal of this commission was to prevent people with inside information about companies from “rigging” the stock market for their own profit.

In addition, Roosevelt persuaded Congress to approve a bill allowing the manufacture and sale of some alcoholic beverages. The bill’s main purpose was to raise government revenues by taxing alcohol. By the end of 1933, the Twenty-First Amendment had repealed prohibition altogether.

]]> 2023-10-19 22:18:57 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755255886 Helping the American People gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755257823 Topic on Module 19, Lesson 1
Read everything]]> 2023-10-19 22:22:36 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755257823 Deficit Spending gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755259161 2023-10-19 22:24:55 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755259161 The Supreme Court Reacts gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755261331 By the mid-1930s conservative opposition to the New Deal had received a boost from two Supreme Court decisions. In 1935 the Court ruled the NIRA unconstitutional. It declared that the law upset the established system of checks and balances by giving legislative powers to the executive branch. Additionally, the Court said that the enforcement of industry codes within states went beyond the federal government’s constitutional powers to regulate interstate commerce. The next year, the Supreme Court struck down the AAA on the grounds that agriculture is a local matter and should be regulated by the states rather than by the federal government.

President Roosevelt feared that further Court decisions might dismantle the New Deal. To prevent such a Court action, in February 1937 he asked Congress to enact a court reform bill. If passed, the bill would reorganize the federal judiciary and allow FDR to appoint six new Supreme Court justices. Most observers saw this bill as a clumsy effort to “pack” the Supreme Court with friendly justices. They also viewed it as a dangerous attempt to upset the constitutional balance of power. Some of the Supreme Court’s rulings had been based on the belief that the executive branch had usurped too much legislative power. The court reform bill would further shift the relationship between the branches by allowing the executive to use legislation to interfere with judicial independence.

As it turned out, the president got his way without reorganizing the judiciary. In 1937 an elderly justice retired, and Roosevelt appointed the liberal Hugo S. Black, shifting the balance of the Court. Rulings of the Court began to favor the New Deal. Over the next four years, because of further resignations, Roosevelt was able to appoint seven new justices.]]> 2023-10-19 22:28:57 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755261331 Father Charles Coughlin gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755263253 2023-10-19 22:32:35 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755263253 Dr. Francis Townsend gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755263569 Another critic was Dr. Francis Townsend, a physician and health officer in Long Beach, California. He believed that Roosevelt wasn’t doing enough to help the poor and elderly, so he devised a pension plan that would provide monthly benefits to the aged. The plan found strong backing among the elderly, thus undermining their support for Roosevelt.



]]> 2023-10-19 22:33:18 UTC https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755263569 Senator Huey Long gabrielcosta39 https://padlet.com/gabrielcosta39/2te8cs3qktjo0xjk/wish/2755263814 Perhaps the most serious challenge to the New Deal came from Senator Huey Long of Louisiana. Like Coughlin, Long was an early supporter of the New Deal. But he, too, turned against Roosevelt. Eager to win the presidency for himself, Long proposed a nationwide social program called Share-Our-Wealth. Under the banner slogan “Every Man a King,” he promised something for everyone.

Long’s Share-Our-Wealth program was very popular. By 1935 he boasted of having perhaps as many as 27,000 Share-Our-Wealth clubs and 7.5 million members. That same year, however, at the height of his popularity, Long was assassinated by a lone gunman.

As the initial impetus of the New Deal began to wane, President Roosevelt started to look ahead. He knew that much more needed to be done to help the people and to solve the nation’s economic problems.



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